The stock market finished mixed on Friday following three bullish days on Wall Street, as the U.S.-China tensions trumped the bullish jobs report. The Dow was up 47, or 0.2%, to 27,433, the Nasdaq lost 97, or 0.9%, to 11, 011, while the S&P 500 rose by 2, or 0.1%, to 3,351. Decliners outnumbered advancing issues by a 6-to-5 ratio on the NYSE, where volume remained kight
Traders said that Friday’s session hasn’t changed the bullish setup in the stock market, despite the fact that the Nasdaq broke its winning streak. As one trader explained, “Friday’s losses were minuscule compared to the recent gains in the large-cap benchmarks, and since small-caps remained relatively strong, the positive short-term trend remains clearly intact.”
Despite the slew of economic releases, corporate earnings, and the ongoing stimulus negotiations, stocks had a relatively quiet and clearly bullish week on Wall Street. The major indices resumed the post-crash rally, more and more stocks joined the party, and the Nasdaq proved its strength once again, despite the declining trend in the number of COVID cases, which lifted cyclical issues. Tech stocks remained strong despite the reversal of the “lockdown trade” with the tech giants’ blockbuster earnings from last week still fueling the rally. Treasury yields got close to their record lows, as investors priced in more fiscal and monetary stimulus, which also pushed gold to a new all-time high above the $2,000 per ounce price level.
On another note, please join in the fun of our “Road to the U.S Open”. We are going to test your Tennis knowledge and give away a few nice prizes. Lets’s have a little fun during these crazy times!!!
As always, have a great evening and stay tuned!!!